Two Strategies  Companies must be innovative to survive and succeed  Exploitation : Discovering and implementing incremental improvements to current operations (Run and Grow)  Exploration : Identifying and developing new business opportunities, e.g. new product development (Transform)  Investments in IS should be tied to a firm’s business strategy to be worthwhile

Steps for Identifying Opportunities  Understanding the company’s business strategy  Understand what the company does.  Understand the characteristics of the industry.  Identifying key business processes  Top-line or Bottom-line  Decide – Want to increase revenue or cut costs?  Can you do both?  Run-Grow-Transform framework  Improving current processes/activities  Looking to expand  Reinventing the way the company does business.   Identify ways technology could affect the company’s business model and processes. Identify potential downsides to the new use of IS – more technology isn’t always a good thing

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